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Author: Admin | 2025-04-27
Was invented!Note: You can buy cryptocurrency on Blocktrade and use it as your personal wallet, too.What is a Secret Phrase?The secret phrase is a string of words that is used to derive the private key. It is crucial to keep the secret phrase secure and not share it with anyone, as it is essentially the key to your crypto wallet. Typically, loosing or forgetting the private key may lead to losing the cryptocurrencies inside it. The secret phrase is considered the backup mechanism to avoid this from happening. The secret phrase is also known with other names such as mnemonic phrase, backup seed, and recovery phrase. A secret phrase is a collection of 12-24 words that store all the information required to recover and access all the funds of a crypto wallet. It can be used to derive the private key of the wallet as a secret phrase is a representation of the random number your private key is.An example of a 12-word secret phrase could be the following:donkey pony lizard comfort house frame ignore push glass cheap mouse secretWallet providers will advise users to write down the secret phrase generated by them and store it carefully, out of reach of third parties. If any other person gets access to your secret phrase, they could steal all your crypto funds stored in that wallet!What is a Public Key?Unlike the private key that you should only keep to yourself, the public key is the code you can give others to send
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